Diwakar Gupta is SBI new MD

Posted Date ::07-03-2011 02::03::55

Tags : Diwakar Gupta ,State Bank of India,finance ministry,Pratip Chaudhuri

Diwakar Gupta will be appointed as one of the managing directors of State Bank of India, though there is no clarity on whom the other two MDs would be. Sources told that the department has cleared his appointment and a formal notification is pending with the finance ministry.

Gupta is currently a deputy managing director and group executive, national banking. Two other deputy managing directors- Hemant Contractor, who is the CFO, and Pratip Chaudhuri who is in-charge of international banking-were also recommended for the posts of MD.

The two are also in the reckoning for the post of chairman since O P Bhatt is due to retiring at the end of the month. Gupta recently was heading SBI Cards, SBI's credit card joint venture with GE Caps.

He will now join R Sridharan as the second MD. While the bank has traditionally had two managing directors, a recent amendment to the law has made it possible for the government to appoint two more MDs. The second MD's position has been lying vacant for nearly six months since the retirement of S K Bhattacharya.

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